Akash Network, a prominent figure in the decentralized cloud computing industry, has witnessed its native token, AKT, rise to prominence as one of the top performers among the top 100 cryptocurrencies.
As of now, AKT has surged by 9% in the last 24 hours, with a trading price of approximately $4.48 per coin. During this period, the token saw a daily trading volume of $51.7 million, marking a significant increase of 495%. The market cap of this crypto asset has also surged to $1.07 billion, positioning it as the 76th largest cryptocurrency.
Despite this recent price rally, AKT is still down by 40% from its all-time high of $7.41 achieved on April 8, 2021.
The surge in AKT’s price coincided with Akash Network hosting its first-ever full-day summit, Akash Accelerate, which focused on the advancement of permissionless computing and decentralized AI (DeAI). This event took place in Austin, TX, and drew hundreds of participants from the decentralized computing sector, highlighting the network’s growth and its expanding ecosystem of projects, companies, and protocols.
During the summit, collaborations and presentations showcased the benefits of utilizing Akash’s Supercloud for high-performance computing. Notable institutions like the University of Texas at Austin and leading AI firms such as Nous Research, Brev.dev, and Morpheus were among the participants, discussing the practical applications of decentralized infrastructures.
For instance, the University of Texas at Austin is leveraging Akash’s decentralized infrastructure to provide researchers with access to high-performance GPUs, crucial for cutting-edge AI research, without the constraints and high expenses associated with traditional cloud providers.
Additionally, the event revealed a roadmap for Akash’s future development, presented by CEO Greg Osuri. His keynote speech outlined the strategic direction and anticipated improvements to Akash’s platform, aimed at enhancing its infrastructure and strengthening its position in the decentralized cloud market.
This announcement has likely fueled renewed investor interest and optimism in AKT, showcasing Akash’s dedication to scaling and enhancing its services.
The surge in AKT’s value comes at a time when the global cryptocurrency market is facing a downturn, with a 3% decrease bringing the market cap to $2.45 trillion. Bitcoin, the original cryptocurrency, has also experienced a similar drop, currently trading at $67,206.
For more insights into the convergence of digital and physical infrastructure networks, check out Decentralized Physical Infrastructure Networks (DePIN).